Re: Why not the straight 15% flat tax on all income?

"JC" <dontbother@xxxxxxxxxxxxxxx> wrote:


"-=DirtBag©" <Dirt@xxxxxxxxx> wrote in message
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JC wrote:

"Lubow" <dynamitemike@xxxxxxxxxxx> wrote in message
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On Apr 19, 6:01 pm, -=DirtBag© <D...@xxxxxxxxx> wrote:
Why not the straight 15% flat tax on all income? Then levy a value
added tax in areas that can handle them.
These present Tax Law's are too complex and too much bull*** in
them.
We need less legalese and more common sense when it comes to the
tax code.

I would be happy to pay 15% of all earned money. It would not hurt
me
a bit and I would likely be paying less.

Yeah, but people that are barely getting by would not do so well.
Granted, they should get their priorities in order and get the
education and skills they need in order to achieve a higher income
but you and I know that's just not the norm.

My tax reform would be the simpliest of all. An asset tax. The
current budget is 3 Trillion dollars. The current worth of all
assets in America is over 60 Trillion dollars. So the budget is
about 5% of the worth of the country. So, everyone pays 5% of their
asset value in taxes. If you're own 10 thousand bucks worth of
assets, you pay 500 bucks. If you own 10 Billion in assets, well
you figure it out. No exclusions, no deductions, no exemptions and
no exceptions. Everybody pays something. And, if you get caught
hiding assets, you simply forfeit them.

What would be unfair about that?



That seems pretty steep taxation JC but your idea that everyone
across the board needs to pay up equally is a good plan. But 5% of
total asset value would be a tough one. 15-18% of all earned income
each year seems better than taxing a mans assets value.

I don't think so because there are too many loopholes that would allow
many people to not pay anything. 5% of one's total assets is a tad
over the average inflation rate so the effective tax would be near
zero. Let the government operate on the funny money and leave us
alone.


Don't you think asset values would plunge?
.

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